Total to acquire UTS Energy of Canada

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Oil giant Total said Wednesday it would pay 1.15 billion Canadian dollars (863 billion euros) for UTS Energy of Canada, giving the French group a 20 percent stake in the Fort Hills oil sands project in the province of Alberta.

The deal must now be approved by Canadian regulatory authorities and by 66.67 percent of UTS Energy shareholders at a special general assembly.

Total said the latest estimate puts the oil at Fort Hills at around 3.4 billion barrels.

The project is to be developed in two stages, the first of which would yield about 160,000 barrels a day. Total hopes to begin production in 2015-2016.

© 2010 AFP

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